The US ratio of debt to GDP is set to increase to 136.2 per cent in 2028; China’s debt is forecast to soar to 104.9 per cent of GDP in the next five years.
| The US, China and other major economies need to do more to address debt levels that are set to rise to near-record highs in five years, limiting nations’ ability to respond to future crises, the International Monetary Fund said.
“Going forward, public debt is not only elevated higher than what was projected before the pandemic, it’s also increasing faster than what was projected before the pandemic,” Gaspar said. “It was crucial in the face of a pandemic, a great shutdown,” he said. “To go big was absolutely correct.” Brazil, Japan, South Africa, Turkey and the United Kingdom all are also expected to see increases in their debt load of more than 5 per cent of GDP, Gaspar said.
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